Fynd, the unique fashion e-commerce portal that sources its inventory directly from the brand store, has closed its Series A round of funding at US $3.4 million. Fynd raised US $2.4 million from the lead investor, IIFL Seed Ventures followed by an active participation from Kae Capital, FJ Labs, Singularity Ventures, GrowX, Traxcn Labs and Hong Kong based Axis Capital in the round.
The offline to online fashion commerce platform will leverage the capital infusion for accelerated growth, to enhance its consumer base, strengthen its tech backbone and to optimize its operations including marketing strategies.
Fynd had earlier raised US $500 thousand from Venture Catalysts in March and US $500 thousand from Silicon Valley-based Rocketship in May in its series A round.
Fynd makes optimal use of both online and offline forms of retail and channelizes its combined outreach for a superior customer experience. With 8,000+ outlets on board, Fynd’s unique proprietary inventory integrations enable customers to discover fashion in real-time and know the exact specifications of the products available.
Commenting on the funds received, Co-founder, Fynd, Harsh Shah said, “Fynd is growing steadily and has managed to seal on some exciting partnerships in the past few months. Thanks to its unique business model it has also managed to win tremendous investor confidence. Our vision is to revolutionize the online and offline shopping experience across all channels and customer touch-points and reach out to more customers in the coming months. The capital raised in our Series A round of funding will help us further bolster our growth trajectory and enhance our tech capabilities.”
“Fynd is going through an exciting phase; it is leading the way for O2O (offline to online) commerce in India and it is the right time for Fynd to accelerate its growth strategy by reaching out to larger number of end consumers as well as enterprise clients,” said Sr VP, IIFL Seed Ventures, Purvi Parkeria.
“The Fynd team has consistently demonstrated their ability to listen to the market and build scalable products. From their B2B days to their current model, Fynd has shown impressive growth and is looking to capture a big opportunity in the O2O (offline to online) Fashion segment. Building a successful commercial operation with a strong technology backbone is what differentiates this company and sets it up for the next level of growth,” said Venture Partner, Kae Capital, Vidushi Kamani.
Fynd’s latest round of funding will enable the platform to further enhance the way it engages with consumers in a better way. The O2O platform directly sources products across various categories including clothing, footwear, jewellery and accessories, from the most prominent brands in the country (via their in-store inventory) and brings them online. Defying the conventional style of shopping, this unique sourcing model enables Fynd to deliver to its online customer the latest products available in the brand stores at their home.
Besides this, Fynd’s in-store product ‘Fynd Store’ helps the brand stores save their in-store sales which otherwise are lost due to unavailability of the product. Fynd store helps the store managers place an order on behalf of their walk-in customers in case the desired product is currently not available in their store which is then delivered directly to the customer’s address, thus helping brands save the sales which otherwise would have been lost.